Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels. The company offers memory products for the cloud server, enterprise, client, graphics, networking, industrial, and automotive markets, as well as for smartphone and other mobile-device markets; SSDs and component-level solutions for the enterprise and cloud, client, and consumer storage markets; discrete storage products in component and wafers; and memory and storage products for the automotive, industrial, and consumer markets. It markets its products through its direct sales force, independent sales representatives, distributors, and retailers; and web-based customer direct sales channel, as well as through channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

Micron Technology, Inc.

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra QQQ (Symbol: QLD) where we have detected an approximate $147.6 million dollar outflow -- that's a 1.6% decrease week over week (from 74,450,000 to 73,250,000). Among the largest underlying components of QLD, in trading today Micron Technology Inc. (Symbol: MU) is off about 1.1%, Applovin Corp (Symbol: APP) is up about 2.5%, and Intel Corp (Symbol: INTC) is lower by about 8.9%. For a complete list of holdings, visit the QLD Holdings page » The chart below shows the one year price performance of QLD, versus its 200 day moving average:
Looking at the chart above, QLD's low point in its 52 week range is $64.72 per share, with $123.46 as the 52 week high point — that compares with a last trade of $123.26. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Top Ten Hedge Funds Holding DMRI
Institutional Holders of ACRO
Institutional Holders of EPM
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

QLD, MU, APP, INTC: Large Outflows Detected at ETF

The S&P 500 Index ($SPX) (SPY) today is up +0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.19%. September E-mini S&P futures (ESU25) are up +0.18%, and September E-mini Nasdaq futures (NQU25) are up +0.10%.
Stock indexes are climbing today, with the Nasdaq 100 posting a new all-time high. Signs of economic resilience and better-than-expected quarterly earnings results are underpinning stocks, with the S&P 500 and Nasdaq 100 posting new record highs this week. According to data compiled by Bloomberg Intelligence, around 83% of S&P 500 companies that have reported Q2 earnings have exceeded analysts’ profit estimates.
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On the negative side, Intel is down more than -9% to lead semiconductor stocks lower after reporting an unexpected Q2 loss of -10 cents a share, weaker than expectations of a +1 cent profit, and said it will reduce capital expenditures and cut staff by 15% by the end of the year. Also, Charter Communications is down more than -16% after reporting Q2 EPS below consensus.
Today’s US economic news was negative for stocks after Jun capital goods new orders nondefense ex-aircraft & parts unexpectedly fell -0.7% m/m, weaker than expectations of a +0.1% m/m increase.
The markets are awaiting President Trump’s August 1 deadline for trade deals to avoid high tariffs. Last Wednesday, Mr. Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. As an update, Mr. Trump late Wednesday said, “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” an indication that the floor for tariffs is rising and suggesting that he would not go below 15%.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 67% at the following meeting on September 16-17.
The markets this week absorbed a heavy slate of quarterly corporate earnings, with reports from about one-fifth of the companies in the S&P 500. Early results now show S&P 500 earnings are on track to rise +4.5% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Around 83% of the S&P 500 companies that have reported have exceeded profit estimates.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.23%. China’s Shanghai Composite closed down -0.33%. Japan’s Nikkei Stock 225 closed down -0.88%.
Interest Rates
September 10-year T-notes (ZNU25) today are down -2 ticks. The 10-year T-note yield is up by +1.2 bp to 4.408%. T-notes are under pressure today due to negative carryover from a slide in 10-year German bunds to a 3.75-month low. Also, upcoming supply pressures are weighing on T-notes as the Treasury will auction $69 billion of 2-year T-notes and $70 billion of 5-year T-notes on Monday. Limiting losses in T-notes were comments from President Trump, who downplayed his clash with Fed Chair Powell, saying there was “no tension” with Powell, which eased fears that he would fire the Fed Chair.
European government bond yields today are moving higher. The 10-year German bund yield rose to a 3.75-month high of 2.769% and is up +2.0 bp to 2.722%. The 10-year UK gilt yield is up +1.9 bp to 4.640%.
Eurozone Jun M3 money supply rose +.3% y/y, weaker than expectations of +3.7% y/y and the slowest pace of increase in 9 months.
The German Jul IFO business confidence index rose +0.2 to a 14-month high of 88.6, although weaker than expectations of 89.0.
UK Jun retail sales ex-auto fuel rose +0.6% m/m, weaker than expectations of +1.2% m/m.
ECB Governing Council member Kazaks said he saw little reason to lower interest rates further unless the economy suffers a major blow, and “There is value in the ECB holding interest rates at current levels, and the time of no-brainer moves to hike or cut rates is over.”
ECB Governing Council member and Bundesbank President Nagel stated that a steady monetary policy from the ECB is appropriate, as the inflation outlook has remained unchanged and the economic outlook has improved slightly.
Swaps are discounting the chances at 18% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Centene (CNC) is up more than +4% to lead managed health care providers higher after laying out a plan to address problems in its Affordable Care Act business to ensure it turns a profit in 2026. Also, Humana (HUM) is up more than +4%, and Elevance Health (ELV), CVS Health (CVS), and Molina Healthcare (MOH) are up more than +3%. In addition, UnitedHealth Group (UNH) is up more than +1% to lead gainers in the Dow Jones Industrials.
Deckers Outdoor Corp (DECK) is up more than +13% to lead gainers in the S&P 500 after reporting Q1 net sales of $964.5 million, well above the consensus of $901.4 million.
Comfort Systems USA (FIX) is up more than +15% after reporting Q2 revenue of $2.17 billion, stronger than the consensus of $1.96 billion.
Newmont Corp (NEM) is up more than +6% after reporting Q2 sales of $5.32 billion, better than the consensus of $4.85 billion.
Aon Plc (AON) is up more than +6% after reporting Q2 adjusted EPS of $3.49, above the consensus of $3.40.
Edwards Lifesciences (EW) is up more than +4% after reporting Q2 sales of $1.53 billion, better than the consensus of $1.50 billion, and raising its full-year sales forecast to $5.9 billion-$6.1 billion from a previous estimate of $5.7 billion-$6.10 billion, stronger than the consensus of $5.91 billion.
Palantir Technologies (PLTR) is up more than +2% after Piper Sandler initiated coverage on the stock with a recommendation of overweight and a price target of $170.
Gilead Sciences (GILD) is up more than +2% after Needham upgraded the stock to buy from hold with a price target of $133.
Carvana (CVNA) is up more than +2% after Oppenheimer upgraded the stock to outperform from market perform with a price target of $450.
Intel (INTC) is down more than -9% to lead chip stocks lower after reporting an unexpected Q2 loss of -10 cents a share, weaker than expectations of a +1 cent profit, and said it will reduce capital expenditures and cut staff by 15% by the end of the year. Also, ASML Holding NV (ASML) and Applied Materials (AMAT) are down more than -2%. In addition, NXP Semiconductors NV (NXPI), Micron Technology (MU), KLA Corp (KLAC), and Lam Research (LRCX) are down more than -1%.
Crypto-linked stocks are sliding today with the price of Bitcoin (^BTCUSD) down more than -3% to a 2-week low. As a result, Riot Platforms (RIOT) is down more than -3%, and MARA Holdings (MARA) and MicroStrategy (MSTR) are down more than -2%. Also, Coinbase Global (COIN) is down more than -1%.
Charter Communications (CHTR) is down more than -17% to lead losers in the S&P 500 after reporting Q2 EPS of $9.18, well below the consensus of $9.82.
Healthpeak Properties (DOC) is down more than -6% after reporting Q2 lab same-store NOI growth of 1.5%, below the consensus of 2.45%.
Sarepta Therapeutics (SRPT) is down more than -5% after an evaluation committee of the European Medicines Agency recommended against the approval of the company’s gene therapy Elevidys.
Oklo Inc. (OKLO) is down more than -1% after BNP Paribas Exane initiated coverage of the stock with a recommendation of underperform and a price target of $14.
Earnings Reports (7/25/2025)
Aon PLC (AON), AutoNation Inc (AN), Booz Allen Hamilton Holding Co (BAH), Centene Corp (CNC), Charter Communications Inc (CHTR), Erie Indemnity Co (ERIE), First Citizens BancShares Inc/ (FCNCA), First Hawaiian Inc (FHB), Gentex Corp (GNTX), HCA Healthcare Inc (HCA), Lear Corp (LEA), OneMain Holdings Inc (OMF), Phillips 66 (PSX), Saia Inc (SAIA), Skechers USA Inc (SKX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Solid Corporate Earnings Results Support Stocks

The S&P 500 Index ($SPX) (SPY) today is up +0.14%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.13%. September E-mini S&P futures (ESU25) are up +0.10%, and September E-mini Nasdaq futures (NQU25) are up +0.09%.
Stock indexes are slightly higher today as they consolidate this week’s gains, which pushed the S&P 500 and Nasdaq 100 to new record highs. Better-than-expected quarterly earnings results are underpinning stocks. According to data compiled by Bloomberg Intelligence, around 83% of S&P 500 companies that have reported Q2 earnings have exceeded analysts’ profit estimates.
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On the negative side, Intel is down more than -9% to lead semiconductor stocks lower after reporting an unexpected Q2 loss of -10 cents a share, weaker than expectations of a +1 cent profit, and said it will reduce capital expenditures and cut staff by 15% by the end of the year. Also, Charter Communications is down more than -13% after reporting Q2 EPS below consensus.
Today’s US economic news was negative for stocks after Jun capital goods new orders nondefense ex-aircraft & parts unexpectedly fell -0.7% m/m, weaker than expectations of a +0.1% m/m increase.
The markets are awaiting President Trump’s August 1 deadline for trade deals to avoid high tariffs. Last Wednesday, Mr. Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. As an update, Mr. Trump late Wednesday said, “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” an indication that the floor for tariffs is rising and suggesting that he would not go below 15%.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 63% at the following meeting on September 16-17.
The markets this week absorbed a heavy slate of quarterly corporate earnings, with reports from about one-fifth of the companies in the S&P 500. Early results now show S&P 500 earnings are on track to rise +4.5% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Around 83% of the S&P 500 companies that have reported have exceeded profit estimates.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.40%. China’s Shanghai Composite closed down -0.33%. Japan’s Nikkei Stock 225 closed down -0.88%.
Interest Rates
September 10-year T-notes (ZNU25) today are down -3 ticks. The 10-year T-note yield is up by +2.4 bp to 4.420%. T-notes are under pressure today due to negative carryover from a slide in 10-year German bunds to a 3.75-month low. Also, upcoming supply pressures are weighing on T-notes as the Treasury will auction $69 billion of 2-year T-notes and $70 billion of 5-year T-notes on Monday. Limiting losses in T-notes were comments from President Trump, who downplayed his clash with Fed Chair Powell, saying there was “no tension” with Powell, which eased fears that he would fire the Fed Chair.
European government bond yields today are moving higher. The 10-year German bund yield rose to a 3.75-month high of 2.769% and is up +3.1 bp to 2.733%. The 10-year UK gilt yield is up +3.7 bp to 4.658%.
Eurozone Jun M3 money supply rose +.3% y/y, weaker than expectations of +3.7% y/y and the slowest pace of increase in 9 months.
The German Jul IFO business confidence index rose +0.2 to a 14-month high of 88.6, although weaker than expectations of 89.0.
UK Jun retail sales ex-auto fuel rose +0.6% m/m, weaker than expectations of +1.2% m/m.
ECB Governing Council member Kazaks said he saw little reason to lower interest rates further unless the economy suffers a major blow, and “There is value in the ECB holding interest rates at current levels and the time of no-brainer moves to hike or cut rates is over.”
Swaps are discounting the chances at 19% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Comfort Systems USA (FIX) is up more than +19% after reporting Q2 revenue of $2.17 billion, stronger than the consensus of $1.96 billion.
Centene (CNC) is up more than +2% to lead managed health care providers higher after laying out a plan to address problems in its Affordable Care Act business to ensure it turns a profit in 2026. Also, Elevance Health (ELV), CVS Health (CVS), Humana (HUM), and Molina Healthcare (MOH) are up more than +2%. In addition, UnitedHealth Group (UNH) is up more than +2% to lead gainers in the Dow Jones Industrials.
Deckers Outdoor Corp (DECK) is up more than +13% to lead gainers in the S&P 500 after reporting Q1 net sales of $964.5 million, well above the consensus of $901.4 million.
Edwards Lifesciences (EW) is up more than +7% after reporting Q2 sales of $1.53 billion, better than the consensus of $1.50 billion, and raising its full-year sales forecast to $5.9 billion-$6.1 billion from a previous estimate of $5.7 billion-$6.10 billion, stronger than the consensus of $5.91 billion.
Newmont Corp (NEM) is up more than +6% after reporting Q2 sales of $5.32 billion, better than the consensus of $4.85 billion.
Aon Plc (AON) is up more than +6% after reporting Q2 adjusted EPS of $3.49, above the consensus of $3.40.
Estee Lauder (EL) is up more than +3% after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $101.
Palantir Technologies (PLTR) is up more than +2% after Piper Sandler initiated coverage on the stock with a recommendation of overweight and a price target of $170.
Gilead Sciences (GILD) is up more than +2% to lead gainers in the Nasdaq 100 after Needham upgraded the stock to buy from hold with a price target of $133.
Carvana (CVNA) is up more than +2% after Oppenheimer upgraded the stock to outperform from market perform with a price target of $450.
Intel (INTC) is down more than -9% to lead chip stocks lower after reporting an unexpected Q2 loss of -10 cents a share, weaker than expectations of a +1 cent profit, and said it will reduce capital expenditures and cut staff by 15% by the end of the year. Also, ASML Holding NV (ASML) is down more than -2%. In addition, GlobalFoundries (GFS), Applied Materials (AMAT), Micron Technology (MU), KLA Corp (KLAC), and Lam Research (LRCX) are down more than -1%.
Charter Communications (CHTR) is down more than -13% to lead losers in the S&P 500 after reporting Q2 EPS of $9.18, well below the consensus of $9.82.
Sarepta Therapeutics (SRPT) is down more than -9% after an evaluation committee of the European Medicines Agency recommended against the approval of the company’s gene therapy Elevidys.
Healthpeak Properties (DOC) is down more than -6% after reporting Q2 lab same-store NOI growth of 1.5%, below the consensus of 2.45%.
Oklo Inc. (OKLO) is down more than -1% after BNP Paribas Exane initiated coverage of the stock with a recommendation of underperform and a price target of $14.
Earnings Reports (7/25/2025)
Aon PLC (AON), AutoNation Inc (AN), Booz Allen Hamilton Holding Co (BAH), Centene Corp (CNC), Charter Communications Inc (CHTR), Erie Indemnity Co (ERIE), First Citizens BancShares Inc/ (FCNCA), First Hawaiian Inc (FHB), Gentex Corp (GNTX), HCA Healthcare Inc (HCA), Lear Corp (LEA), OneMain Holdings Inc (OMF), Phillips 66 (PSX), Saia Inc (SAIA), Skechers USA Inc (SKX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Positive Earnings Results Lift Stocks

A month has gone by since the last earnings report for Micron (MU). Shares have lost about 11.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Micron due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Micron Technology, Inc. before we dive into how investors and analysts have reacted as of late.
Micron Q3 Earnings and Revenues Beat Estimates
Micron reported third-quarter fiscal 2025 earnings of $1.91 per share, beating the Zacks Consensus Estimate by 20.13%. MU’s third-quarter earnings jumped 208.1% year over year from the year-ago quarter’s earnings of 62 cents.
Micron’s revenues increased 37% year over year to $9.30 billion and beat the Zacks Consensus Estimate by 5.3%. The top line was driven by robust demand for its high bandwidth memory (HBM) products.
Micron Q3 Top-Line Details
Technology-wise, DRAM revenues of $7.1 billion, accounting for 76% of the total revenues in the fiscal third quarter, increased 51% year over year and 15% sequentially. The company experienced record demand for data center DRAM, driven by strong growth in HBM and robust performance of high-capacity DIMMs and low-power server DRAM products.
NAND revenues of $2.2 billion, representing 23% of the total revenues, were up 4% year over year and 16% quarter over quarter.
Other revenues were $75 million in the reported quarter, which increased from $54 million in the year-ago quarter and remained flat sequentially.
Business segment-wise, revenues of $5.1 billion from the Compute and Networking Business Unit soared 96.2% from the year-ago quarter and 11% sequentially, driven by a more than 50% sequential increase in HBM revenues.
Revenues of $1.6 billion from the Mobile Business Unit remained flat on a year-over-year basis and increased 45% on a quarter-over-quarter basis due to reduced customer inventories and strong demand from DRAM content growth.
The Embedded Business Unit’s revenues were $1.2 billion, down 7.7% from the year-ago period but up 20% from the previous quarter. Revenues from the Storage Business Unit, comprising solid-state drive NAND components, totaled $1.5 billion, which increased 7.1% year over year and 4% sequentially.
Micron’s Q3 Operating Details
For the fiscal third quarter, MU posted a non-GAAP gross profit of $3.62 billion, representing a robust improvement from the year-ago quarter’s $1.92 billion. Also, Micron’s non-GAAP gross profit increased 18.7% sequentially.
The fiscal third-quarter non-GAAP gross margin of 39% improved from the year-ago quarter’s 28.1.%. The non-GAAP gross margin increased 110 basis points from the previous quarter’s 37.9%.
Non-GAAP operating expenses were $1.133 billion compared with the previous quarter’s $1.046 billion and the year-ago quarter’s $976 million.
Micron’s non-GAAP operating income of $2.49 billion was higher than the previous quarter’s non-GAAP operating income of $2.01 billion. It also shows significant improvements from the year-ago quarter’s non-GAAP operating income of $941 million.
The non-GAAP operating margin came in at 26.8%. Micron posted a non-GAAP operating margin of 24.9% for the previous quarter, and it had a non-GAAP operating margin of 13.8% in the year-ago quarter.
Micron’s Balance Sheet & Cash Flow
MU exited the reported quarter with cash and investments of $10.81 billion compared with $8.22 billion at the end of the prior quarter. It ended the quarter with total liquidity of $15.7 billion, up from the previous quarter’s $12.1 billion.
Micron’s total debt, as of May 29, 2025, was $15.5 billion compared with the $14.4 billion witnessed at the end of the previous quarter.
The company generated an operating cash flow of $4.61 billion in the fiscal third quarter. It spent $2.7 billion on capital expenditure in the quarter, resulting in an adjusted free cash flow of $1.95 billion. MU paid out $392 million in dividends but repurchased no shares in the third quarter of fiscal 2025.
Micron’s Q4 Outlook
Micron provided its guidance for the fourth quarter of fiscal 2025. The company anticipates revenues of $10.7 billion (+/-$300 million) in the fiscal fourth quarter. For the fiscal fourth quarter, MU projects a non-GAAP gross margin of 42% (+/-100 basis points). Operating expenses on a non-GAAP basis are estimated to be $1.2 billion (+/-$20 million). Adjusted EPS is anticipated to be $2.50 (+/- 15 cents).
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in fresh estimates.
The consensus estimate has shifted 24.13% due to these changes.
VGM Scores
Currently, Micron has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Micron has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
#1 Semiconductor Stock to Buy (Not NVDA)
The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.
One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Micron (MU) Down 11.3% Since Last Earnings Report: Can It Rebound?

Intel (NASDAQ:INTC) is expected to report its earnings on Thursday, July 24, 2025. Earnings are expected to just about break-even coming in at $0.01 per share, per consensus estimates, while revenues are expected to decline 7% to $11.88 billion. Intel has been witnessing considerable headwinds in its CPU business amid continued market share losses in the server and client computing space and relatively lackluster growth in the broader market. The broader market pivot from CPUs to GPUs in the AI age has also been impacting the company’s performance. That said, we will be looking for updates on the foundry business, which has been ramping up production of its latest 18A process technology. Intel stock remains up by 14% year-to-date. However, the stock has typically fared poorly post its earnings releases. Based on data from the last 5 years, the stock has seen positive returns a mere 25% of the time, one day post-earnings.
The company has $100 billion in current market capitalization. Revenue over the last twelve months was $53 billion, and it was operationally loss-making, with $-4.1 billion in operating losses and net income of $-19 billion. While a lot will depend on how results stack up against consensus and expectations, understanding historical patterns might just turn the odds in your favor if you are an event-driven trader.
There are two ways to do that: understand the historical odds and position yourself prior to the earnings release, or look at the correlation between immediate and medium-term returns post earnings and position yourself accordingly after the earnings are released. That said, if you seek upside with lower volatility than individual stocks, the Trefis High Quality portfolio presents an alternative – having outperformed the S&P 500 and generated returns exceeding 91% since its inception.
Intel’s Historical Odds Of Positive Post-Earnings Return
Some observations on one-day (1D) post-earnings returns:
There are 20 earnings data points recorded over the last five years, with 5 positive and 15 negative one-day (1D) returns observed. In summary, positive 1D returns were seen about 25% of the time.
Notably, this percentage increases to 42% if we consider data for the last 3 years instead of 5.
Median of the 5 positive returns = 7.8%, and median of the 15 negative returns = -7.0%
Additional data for observed 5-Day (5D), and 21-Day (21D) returns post earnings are summarized along with the statistics in the table below.
Correlation Between 1D, 5D, and 21D Historical Returns
A relatively less risky strategy (though not useful if the correlation is low) is to understand the correlation between short-term and medium-term returns post earnings, find a pair that has the highest correlation, and execute the appropriate trade. For example, if 1D and 5D show the highest correlation, a trader can position themselves “long” for the next 5 days if 1D post-earnings return is positive. Here is some correlation data based on 5-year and 3-year (more recent) history. Note that the correlation 1D_5D refers to the correlation between 1D post-earnings returns and subsequent 5D returns.
Is There Any Correlation With Peer Earnings?
Sometimes, peer performance can have influence on post-earnings stock reaction. In fact, the pricing-in might begin before the earnings are announced. Here is some historical data on the past post-earnings performance of Intel stock compared with the stock performance of peers that reported earnings just before Intel. For fair comparison, peer stock returns also represent post-earnings one-day (1D) returns.
Learn more about Trefis RV strategy that has outperformed its all-cap stocks benchmark (combination of all 3, the S&P 500, S&P mid-cap, and Russell 2000), to produce strong returns for investors. Separately, if you want upside with a smoother ride than an individual stock like Intel, consider the High Quality portfolio, which has outperformed the S&P, and clocked >91% returns since inception.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

How Will Intel Stock React To Its Upcoming Earnings?

The S&P 500 Index ($SPX) (SPY) Tuesday closed up +0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.40%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.50%. September E-mini S&P futures (ESU25) rose +0.01%, and September E-mini Nasdaq futures (NQU25) fell -0.52%.
Stock indexes settled mixed on Tuesday. On the positive side, D.R. Horton rallied more than +16% to lead home builders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman rose more than +9% after boosting its full-year adjusted EPS forecast. In addition, bond yields fell on Tuesday, supporting stocks after Treasury Secretary Bessent said, "He sees no reason for Fed Chair Powell to step down right now." The 10-year T-note yield fell -4 bp to a 1.5-week low of 4.34%.
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Positive trade comments from Treasury Secretary Bessent on Tuesday were supportive for stocks when he said, "trade is in a very good place with China," and he will meet his Chinese counterparts in Stockholm next week. He also said he believes the US "will likely extend" its trade truce with China past the August 12 deadline of the current truce.
Weighing on the Nasdaq 100 index Tuesday was weakness in semiconductor stocks. Also, Lockheed Martin dropped more than -10% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate. In addition, General Motors fell more than -7% after forecasting full-year EBIT below analysts' estimates.
Tuesday's US economic news was bearish for stocks after the July Richmond Fed manufacturing index unexpectedly fell -12 to an 11-month low of -20, weaker than expectations of an increase to -2.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets on Tuesday settled mixed. The Euro Stoxx 50 fell to a 2-week low and closed down -0.98%. China's Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan's Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) Tuesday closed up +7 ticks. The 10-year T-note yield fell -4.0 bp to 4.338%. T-notes recovered from overnight losses and climbed to a 2.5-week high, and the 10-year T-note yield fell to a 1.5-week low of 4.326% on comments from Treasury Secretary Bessent, who said "he sees no reason for Fed Chair Powell to step down right now." T-notes extended their gains after the July Richmond Fed manufacturing index unexpectedly fell to an 11-month low. T-notes also garnered carryover support Tuesday from a rally in 10-year German bunds to a 2-week high.
European government bond yields on Tuesday moved lower. The 10-year German bund yield fell to a 2-week low of 2.585% and finished down -2.3 bp to 2.590%. The 10-year UK gilt yield fell -3.4 bp to 4.569%.
The ECB's quarterly Bank Lending Survey stated that "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall."
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Weakness in chip stocks was a negative factor for the overall market on Tuesday, with KLA Corp (KLAC) closing down more than -4% to lead losers in the Nasdaq 100. Also, Lam Research (LRCX), ARM Holdings Plc (ARM), Micron Technology (MU), and Broadcom (AVGO) closed down more than +3%. In addition, Nvidia (NVDA) closed down more than -2% to lead losers in the Dow Jones Industrials, and Analog Devices (ADI) and Applied Materials (AMAT) closed down more than -2%.
D.R. Horton (DHI) surged more than +16% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) closed up more than +11%, and Lennar (LEN) and Toll Brothers (TOL) closed up more than +8%.
IQVIA Holdings (IQV) closed up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) closed up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
Quest Diagnostics (DGX) closed up more than +7% after reporting Q2 adjusted EPS of $2.62, better than the consensus of $2.58, and raising its full-year adjusted EPS estimate to $9.63-$9.83 from a previous estimate of $9.55-$9.80.
Genuine Parts Co (GPC) closed up more than +7% after reporting Q2 net sales of $6.20 billion, better than the consensus of $6.11 billion.
PACCAR Inc. (PCAR) closed up more than +6% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
United Natural Foods (UNFI) closed up more than +3% after Northcoast Research upgraded the stock to buy from neutral with a price target of $36.
Lockheed Martin (LMT) closed down more than -10% to lead losers in the S&P 500 after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
General Motors (GM) closed down more than -8% after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
Equifax (EFX) closed down more than -8% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
Phillip Morris International (PM) closed down more than -8% after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Circle Internet Group (CRCL) closed down more than -8% after Compass Point Research & Trading LLC downgraded the stock to sell from neutral with a price target of $130.
MSCI Inc (MSCI) closed down more than -8% after reporting Q2 net new recurring subscription sales of $43.8 million, weaker than the consensus of $46.6 million.
Earnings Reports (7/23/2025)
Alphabet Inc (GOOGL), Amphenol Corp (APH), AT&T Inc (T), Boston Scientific Corp (BSX), Chipotle Mexican Grill Inc (CMG), CME Group Inc (CME), Crown Castle Inc (CCI), CSX Corp (CSX), Fiserv Inc (FI), Freeport-McMoRan Inc (FCX), GE Vernova Inc (GEV), General Dynamics Corp (GD), Globe Life Inc (GL), Hasbro Inc (HAS), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Lamb Weston Holdings Inc (LW), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Molina Healthcare Inc (MOH), Moody's Corp (MCO), NextEra Energy Inc (NEE), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Otis Worldwide Corp (OTIS), Packaging Corp of America (PKG), Raymond James Financial Inc (RJF), Rollins Inc (ROL), ServiceNow Inc (NOW), TE Connectivity PLC (TEL), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), T-Mobile US Inc (TMUS), United Rentals Inc (URI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq Pressured by Chip Stocks, But Broad Market Supported by Lower T-note Yields

The S&P 500 Index ($SPX) (SPY) today is down -0.10%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.47%. September E-mini S&P futures (ESU25) are down -0.14%, and September E-mini Nasdaq futures (NQU25) are down -0.52%.
Stock indexes today are moving lower on some disappointing quarterly earnings results. NXP Semiconductors is down more than -2% to lead chip makers lower and weigh on the overall market after issuing a Q3 revenue forecast that missed some bullish analysts' estimates. Also, General Motors is down more than -7% after forecasting full-year EBIT below analysts' estimates. In addition, Lockheed Martin is down more than -5% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate.
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Today's US economic news was bearish for stocks after the July Richmond Fed manufacturing index unexpectedly fell -12 to an 11-month low of -20, weaker than expectations of an increase to -2.
On the positive side, D.R. Horton is up more than +12% to lead home builders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman is up more than +8% after boosting its full year adjusted EPS forecast. In addition, bond yields fell from overnight highs and moved lower after Treasury Secretary Bessent said, "He sees no reason for Fed Chair Powell to step down right now." The 10-year T-note yield is down -4 bp to a 1.5-week low of 4.34%
Positive trade comments today from Treasury Secretary Bessent were supportive for stocks when he said, "trade is in a very good place with China," and he will meet his Chinese counterparts in Stockholm next week. He also said he believes the US "will likely extend" its trade truce with China past the August 12 deadline of the current truce.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 fell to a 2-week low and is down -0.90%. China's Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan's Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +6 ticks. The 10-year T-note yield is down -4.1 bp to 4.337%. T-notes recovered from overnight losses and climbed to a 1.5-week high, and the 10-year T-note yield fell to a 1.5-week low of 4.336% on comments from Treasury Secretary Bessent, who said "he sees no reason for Fed Chair Powell to step down right now." T-notes extended their gains after the July Richmond Fed manufacturing index unexpectedly fell to an 11-month low. T-notes also garnered carryover support today from a rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.588% and is down -2.4 bp to 2.589%. The 10-year UK gilt yield is down -3.5 bp to 4.568%.
The ECB's quarterly Bank Lending Survey stated that "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall."
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Weakness in chip stocks is a negative factor for stocks today, with NXP Semiconductors NV (NXPI) down more than -2% after forecasting Q3 revenue of $3.05 billion to $3.25 billion, below the whisper number of $3.30 billion. Also, ARM Holdings Plc (ARM) is down more than -4% to lead losers in the Nasdaq 100, and Micron Technology (MU) is down more than +3%. In addition, Advanced Micro Devices (AMD), Nvidia (NVDA), Applied Materials (AMAT), Broadcom (AVGO), Lam Research (LRCX), and KLA Corp (KLAC) are down more than -2%.
General Motors (GM) is down more than -7% to lead losers in the S&P 500 after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
Equifax (EFX) is down more than -7% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
Lockheed Martin (LMT) is down more than -6% after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
Phillip Morris International (PM) is down more than -6% after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Sherwin-Williams (SHW) is down more than -3% top lead losers in the Dow Jones Industrials after reporting Q2 adjusted EPS of $3.38, weaker than the consensus of $3.81, and cutting its full-year adjusted EPS estimate to $11.20-$11.50 from a previous estimate of $11.65-$12.05, below the consensus of $11.87.
RTX Corp (RTX) is down more than -2% after cutting its full-year adjusted EPS forecast to $5.80-$5.95 from a previous forecast of $6.00-$6.15, weaker than the consensus of $5.98.
D.R. Horton (DHI) is up more than +13% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) is up more than +8%, Lennar (LEN) is up more than +7%, and Toll Brothers (TOL) is up more than +6%.
IQVIA Holdings (IQV) is up more than +16% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) is up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
Quest Diagnostics (DGX) is up more than +5% after reporting Q2 adjusted EPS of $2.62, better than the consensus of $2,58, and raising its full-year adjusted EPS estimate to $9.63-$9.83 from a previous estimate of $9.55-$9.80.
PACCAR Inc. (PCAR) is up more than +3% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
Calix (CALX) is up more than +1% after reporting Q2 adjusted EPS of 33 cents, better than the consensus of 21 cents, and forecasting Q3 adjusted EPS of 31 cents-37 cents, stronger than the consensus of 23 cents.
Earnings Reports (7/22/2025)
Avery Dennison Corp (AVY), Baker Hughes Co (BKR), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), CoStar Group Inc (CSGP), Danaher Corp (DHR), DR Horton Inc (DHI), Enphase Energy Inc (ENPH), EQT Corp (EQT), Equifax Inc (EFX), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Interpublic Group of Cos Inc/The (IPG), Intuitive Surgical Inc (ISRG), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KeyCorp (KEY), Lockheed Martin Corp (LMT), MSCI Inc (MSCI), Northrop Grumman Corp (NOC), PACCAR Inc (PCAR), Pentair PLC (PNR), Philip Morris International In (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Sherwin-Williams Co/The (SHW), Synchrony Financial (SYF), Texas Instruments Inc (TXN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slip on Weakness in Chip Makers and Disappointing Earnings

The S&P 500 Index ($SPX) (SPY) today is down -0.14%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.36%. September E-mini S&P futures (ESU25) are down -0.17%, and September E-mini Nasdaq futures (NQU25) are down -0.37%.
Stock indexes today are moving lower on some disappointing quarterly earnings results. NXP Semiconductors is down more than -2% to lead chip makers lower and weigh on the overall market after issuing a Q3 revenue forecast that missed some bullish analysts’ estimates. Also, Lockheed Martin is down more than -7% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate. In addition, Sherwin-Williams is down more than -2% after reporting Q2 adjusted EPS below the consensus, and cutting its full-year adjusted EPS estimate.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the positive side, D.R. Horton is up more than +10% to lead homebuilders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman is up more than +9% after boosting its full-year adjusted EPS forecast. In addition, bond yields fell from overnight highs and were slightly lower after Treasury Secretary Bessent said, “He sees no reason for Fed Chair Powell to step down right now.” The 10-year T-note yield is down -1 bp to 4.36%
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 fell to a 2-week low and is down -0.64%. China’s Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan’s Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +2 ticks. The 10-year T-note yield is down -1.4 bp to 4.364%. T-notes recovered from overnight losses and moved higher as short covering emerged on comments from Treasury Secretary Bessent, who said “he sees no reason for Fed Chair Powell to step down right now.” T-notes were under pressure due to concerns that President Trump would try to fire Powell, which could send bond yields sharply higher as investors question the Fed’s independence. T-notes also garnered carryover support today from a rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.600% and is down -1.0 bp to 2.603%. The 10-year UK gilt yield is down -0.6 bp to 4.597%.
The ECB’s quarterly Bank Lending Survey stated that “Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall.”
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday’s policy meeting.
US Stock Movers
Weakness in chip stocks is a negative factor for stocks today, with NXP Semiconductors NV (NXPI) down more than -2% after forecasting Q3 revenue of $3.05 billion to $3.25 billion, below the whisper number of $3.30 billion. Also, ARM Holdings Plc (ARM) and Advanced Micro Devices (AMD) are down more than -4%, and Nvidia (NVDA), Broadcom (AVGO), Lam Research (LRCX), and Micron Technology (MU) are down more than +3%. In addition, Marvell Technology (MRVL), Applied Materials (AMAT), and KLA Corp (KLAC) are down more than -2%.
Phillip Morris International (PM) is down more than -7% to lead losers in the S&P 500 after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Lockheed Martin (LMT) is down more than -7% after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
Equifax (EFX) is down more than -7% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
General Motors (GM) is down more than -6% after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
RTX Corp (RTX) is down more than -3% after cutting its full-year adjusted EPS forecast to $5.80-$5.95 from a previous forecast of $6.00-$6.15, weaker than the consensus of $5.98.
Sherwin-Williams (SHW) is down more than -2% after reporting Q2 adjusted EPS of $3.38, weaker than the consensus of $3.81, and cutting its full-year adjusted EPS estimate to $11.20-$11.50 from a previous estimate of $11.65-$12.05, below the consensus of $11.87.
D.R. Horton (DHI) is up more than +10% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) is up more than +7%, Lennar (LEN) is up more than +6%, and Toll Brothers (TOL) is up more than +4%.
IQVIA Holdings (IQV) is up more than +14% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) is up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
PACCAR Inc. (PCAR) is up more than +4% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
CSX Corp (CSX) is up more than +2% after Semafor reported that BNSF is working with Goldman Sachs to explore a takeover of a rival.
Calix (CALX) is up more than +1% after reporting Q2 adjusted EPS of 33 cents, better than the consensus of 21 cents, and forecasting Q3 adjusted EPS of 31 cents-37 cents, stronger than the consensus of 23 cents.
Earnings Reports (7/22/2025)
Avery Dennison Corp (AVY), Baker Hughes Co (BKR), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), CoStar Group Inc (CSGP), Danaher Corp (DHR), DR Horton Inc (DHI), Enphase Energy Inc (ENPH), EQT Corp (EQT), Equifax Inc (EFX), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Interpublic Group of Cos Inc/The (IPG), Intuitive Surgical Inc (ISRG), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KeyCorp (KEY), Lockheed Martin Corp (LMT), MSCI Inc (MSCI), Northrop Grumman Corp (NOC), PACCAR Inc (PCAR), Pentair PLC (PNR), Philip Morris International In (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Sherwin-Williams Co/The (SHW), Synchrony Financial (SYF), Texas Instruments Inc (TXN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Pressured by Chip Stock Weakness

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Micron Technology Inc. (Symbol: MU), where a total volume of 134,858 contracts has been traded thus far today, a contract volume which is representative of approximately 13.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 49.3% of MU's average daily trading volume over the past month, of 27.4 million shares. Especially high volume was seen for the $115 strike call option expiring July 25, 2025, with 14,039 contracts trading so far today, representing approximately 1.4 million underlying shares of MU. Below is a chart showing MU's trailing twelve month trading history, with the $115 strike highlighted in orange:
Danaher Corp (Symbol: DHR) saw options trading volume of 18,573 contracts, representing approximately 1.9 million underlying shares or approximately 48.9% of DHR's average daily trading volume over the past month, of 3.8 million shares. Particularly high volume was seen for the $205 strike call option expiring July 25, 2025, with 4,182 contracts trading so far today, representing approximately 418,200 underlying shares of DHR. Below is a chart showing DHR's trailing twelve month trading history, with the $205 strike highlighted in orange:
And Avis Budget Group Inc (Symbol: CAR) saw options trading volume of 7,271 contracts, representing approximately 727,100 underlying shares or approximately 47.8% of CAR's average daily trading volume over the past month, of 1.5 million shares. Especially high volume was seen for the $130 strike put option expiring March 20, 2026, with 1,208 contracts trading so far today, representing approximately 120,800 underlying shares of CAR. Below is a chart showing CAR's trailing twelve month trading history, with the $130 strike highlighted in orange:
For the various different available expirations for MU options, DHR options, or CAR options, visit StockOptionsChannel.com.
DTF Average Annual Return
MTSN Options Chain
LIVN Options Chain
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Monday Option Activity: MU, DHR, CAR

In today's video, I discuss recent updates affecting Micron Technology (NASDAQ: MU) and other semiconductor companies. To learn more, check out the short video, consider subscribing, and click the special offer link below.
*Stock prices used were the after-market prices of July 18, 2025. The video was published on July 18, 2025.
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